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Malibu Park Home Auction: 30119 Harvester Road This home will be Sold on site at the auction 11/14/09 @ 11am with no buyer contingencies. Approximately 1/2 acre of land with a torn down home and a charming (we all know what “charming” means in real estate lingo) tenant occupied guest quarters. All inspections must be done in advance of auction date and to get into the property and the guest house there is an Open House every Saturday and Sunday from 12pm to 3pm. The original house was first built in the 1940's. Foundation, utilities, landscaping, gates and fencing are all included in the purchase; however, the kitchen sink is not there since there is no house to have a kitchen sink. Permits are pending, for a new home on this very special location with an ocean view. Property is landscaped with mature avocado, lemon & orange trees. Listed with Anthony Fitzgerald of Premier Estate Auction Co. For more pictures of the subject property please click here. Previously Listed at $1,795,000 (can anyone say pipe dream?), at least now it seems like a deal. |
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Read more... [Trash or Treasure?]
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Short Sale Opporunities on the Rise |
In areas where home prices have significantly declined, some owners find themselves strapped with mortgages that total more than their home’s value. When options such as extending the term of the loan or negotiating a lower interest rate have been exhausted, then a short sale may provide the solution.
However, short sales are complicated, requiring approval from a number of parties, so you need the representation of a professional to make sure the transaction moves quickly. You can have more than half of the paperwork done before that first offer even comes in.
Most lenders require an application package to be completed by the sellers, including a financial worksheet, as well as a letter of hardship explaining why the owners cannot continue to pay the mortgage. The real estate agent can also help with other aspects of the required paperwork, which should be assembled before the property is listed.
While the bank may be willing in such cases to accept less than the mortgage balance, the buyer's offer must still reflect a fair price under current market conditions, so be sure to consult with an agent in order to arrive at a reasonable price that will be accepted by all parties, including the lender.
Short sales may not be easy, but they do provide an "exit strategy" for homeowners most in need of a solution.
Currently there are 12 homes in Malibu subject to a Short Sale. Most notably:
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Read more... [Short Sale Opporunities on the Rise]
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Malibu Colony Foreclosure Blunder |
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Trying to cover up a major blunder, Wells Fargo fires a top executive in the commercial foreclosure department for using a bank-owned Malibu Colony Beach home for her personal use this past summer. Homes in this area, rent out in the summer anywhere between $50K to $100K per month!!! That's some serious coin for a potential invester trying to pick up a foreclosure before the vacation rental season.
Malibu Colony residents and local Malibu real estate agents, like myself, were a bit curious when the house had been foreclosed upon and had not gone back on the market. With a default amount close to $12M, it was clear a deal was waiting to happen.
Currently there are only 5 Malibu Colony Beach houses for sale, ranging from $9.5M to $21M, including 23660 Malibu Colony Rd, the house with which the former executive spent most of her summer.
The 4 bedroom + 4 bathroom beach house was listed last Friday, for $21.5M with Chad Rogers from Hilton & Hyland. BUT, don’t let this price scare you, because NOW it is a bank owned REO and the house was originally appraised by Wells Fargo for only $12M. This mean, there is plenty of room for a buyer to negotiate a fair market purchase price.
For more pictures please click here.
For more information on the property, please give me a call or shoot me an e-mail. |
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Pepperdine University - Wave of Flags |
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To honor the nearly 3000 lives lost during the terrorist attacks of 9/11, Pepperdine students once again cover the universities front lawn with one flag for each of the victims. Initiated by the University's chapter of the College Republicans, the flag display will be up from September 11th to September 18th. Also on display, will be flags from other nations, honoring those who also died during the attacks. Annually the Univeristy stages a brief prayer service remembering all those affected by the tragedy of 9/11 at Heroes Garden, a outdoor sanctuary over looking the Pacific on the Malibu campus. In particular the garden memorializes the heroism of Tom Burnett, a Pepperdine alumnus and passanger on Flight 93, who sacrificied his life to help take control of the hijacked plane and divert it from reaching another national monument. This week, please take some time to go visit the flags and remember those who have been lost. |
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Read more... [Pepperdine University - Wave of Flags]
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Cher's Italian Malibu Estate is Back on the Market |
The World renown American pop singer-songwriter has just decided to put her house back on the market after withdrawing it from the market for 60 days, conveniently when the DOM (days on market) on the MLS resets to zero. She has won Academy Awards, a Grammy, an Emmy, three Golden Globes and a People’s choice for her work in film, music and television – talk about a resume. Regardless, Cher’s beautiful house is now back on the market after a measly $4M (like I said, only $4M) price reduction from $45M to $41M – but this place truly is amazing.
Cher’s famous Italian Renaissance-Style Malibu Estate. Set on 1.72 acres on a bluff overlooking the Pacific Ocean, the 14,000 square foot villa has 6 bedrooms, 7 bathrooms, a theatre, a gym and multiples verandas. There is also a suspended tennis court with stunning views of the Malibu bay, an infinity pool and a guest house. Due to new Coastal Commission restrictions, such an extraordinary property could not be built today!” (Property Description from Robert Kass of Hilton & Hyland – listing agent)
Cher’s house tops the charts at the number 2 stop of most expensive listing in all of Malibu real estate, just $24M shy of 21804 Pacific Coast Hwy listed at $65M.
No word on where Cher plans on moving but I am sure the media will be filling us in shortly. |
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Read more... [Cher's Italian Malibu Estate is Back on the Market]
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